Skip to content Skip to sidebar Skip to footer

Canaan Ends 1st Week on Nasdaq in Red, Bitmain Promotes Rigs Ahead IPO 101
Source: iStock/PaulPaladin

The second largest producer of Bitcoin mining equipment, China-based Canaan, ended its first week on the Nasdaq exchange in red, while its main rival, another Chinese giant that is reportedly working on its own initial public offering (IPO), Bitmain, confirmed its plans to introduce two new types of mining rigs and launch repair centers worldwide.

As reported, Canaan (CAN) completed its IPO on November 21, raising USD 90 million, after pricing its IPO at the bottom of its marketed range (USD 9-11). On the same day, their shares started trading on the Nasdaq exchange, becoming the first mining company that went public on a major stock exchange. However, their share price dropped below the IPO price in the first hours of trading and has not exceeded the USD 9 mark in the first week of trading. At pixel time (16:05 UTC), it trades at USD 8.03.

The largest daily volume seen so far was on the first day, with above USD 4 million, followed by USD 1.1 million on November 25, and it dropped to USD 132,555 on November 27.

CAN price chart:

Canaan Ends 1st Week on Nasdaq in Red, Bitmain Promotes Rigs Ahead IPO 102
Source: Nasdaq

Meanwhile, Jihan Wu, who recently returned as the CEO of Bitmain, that reportedly filed for a U.S. IPO last month, is also on the move. Bitmain shared a blog post just recently discussing highlights from the World Digital Mining Summit, confirming once again that Bitmain will bring two addition to its Antminer 17 series, namely the Antminer S17+ and T17+. The reason behind this, he said, is the industry’s changing demands, and he added that Bitmain’s research and development team made improvements in the design of future mining hardware models.

The announcement first came out in October, saying that the new miners will bring improvements to power efficiency and hash rate, and explaining further that:

  • the Antminer S17+ has a hash rate of 73 TH/s, operating with a power efficiency of 40 J/TH + 10%,
  • the Antminer T17+ has a hash rate of 64 TH/s, operating with a power efficiency of 50 J/TH + 10%.

Additionally, Wu shared in his speech that, as mining rig repairs take too much time, by the end of this year, Bitmain plans to launch repair centers worldwide in order to reduce the turnaround time for repairs to three days.

Meanwhile, as China’s crackdown on crypto trading continues, as reported recently, China’s National Development and Reform Commission removed Bitcoin (BTC) mining from the list of industries that might be eliminated.

Sead Fadilpašić , 2019-11-29 18:40:43 ,

Source link

Leave a comment

NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.

While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock

Nick Chong , 2019-11-10 12:00:38

Source link